Motor Insurance Credit Cost Falls to 9.7%

The average cost of credit on monthly motor insurance payments fell from 10.6% to 9.7% between August 2024 and August 2025 as insurers simplified payment plans and reduced instalment costs, though fewer companies now offer monthly instalments and the market is concentrating around an 11‑month payment plan. Uninsured motorist (UM) rules and risks vary by state: UM coverage isn’t required in Las Vegas (Nevada) despite about 11.1% of Nevada drivers being uninsured, while Illinois requires UM bodily injury coverage but leaves UM property damage optional amid a 15.2% uninsured rate. A deductible is the out‑of‑pocket amount you pay before certain coverages (like collision and comprehensive) apply; choosing a higher deductible lowers premiums but requires that you can afford that cost if you file a claim. New Jersey drivers face notably high full‑coverage costs—about $252 monthly versus a $186 national average—and premiums vary widely by age and insurer. CSAA, NJM, Mercury and GEICO are cited among the more affordable carriers in the referenced rankings, which state they are unbiased and based on in‑house research and a defined methodology; consumers are advised to compare quotes across companies and coverage options.